You can resize, move, etc. using the move tool (looks like a cross with arrows in the upper right) but as far as the actual text goes, you can't change it.

To be honest, due to the limited list of fonts (probably due to the limitations of tablet hardware), it's not a big deal to me. If I were to place any text, it'd probably be temporary (preferring to finish it off in Photoshop on desktop) and any text is easily replaceable anyway.

You are correct, the text is not editable and like an image after you click the blue checkmark. However, you can reposition the text in the image like Warunicorn describes using the Move Tool. More text is editing functionality is something which others have requested as well, please add your vote here too.

2 years and they still haven't added this vital feature? Come on Adobe, I can edit text in many other apps, why not photoshop touch for iphone or ipad?Oh and being able to hit "return" for multiple lines of text - really your solution to that is multiple layers instead of letting me hit "return" or create a text box? Why?

If you need inspiration on why people want this, check out Studio and Over for the iphone. And if the other apps would allow me to do photoshop file with layers and share that via cloud to photoshop on my computer I doubt I would be complaining and I would just be using the other products. And I DO just use the other products when I want to focus in text and am just creating something quickly for a website. Can't do that for print though.

Since there's no feedback option in the app and the link to vote up this as a feature request is broken, I'm not sure where to post this so I'm picking the first result that popped up when I searched for this.

Adobe - PLEASE add text editing and the ability to use the "return" key for multiple lines of text! Seems silly to give me this much and then skimp on this one vital feature.